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After recovering from the terrible coronavirus crash, Bitcoin (BTC) faces another significant drop due to its grim technical outlook
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- A pullback seems imminent
- Can half fix this?
Just days after erasing its coronavirus-driven crash, the price of Bitcoin (BTC) is already at risk.
According to Bloomberg, the number one cryptocurrency is currently in overbought territory, with the RSI indicator at 72.
A pullback seems imminent
Bitcoin started on a high note with a rally to $ 10,500 in mid-February. Surprisingly, Bitcoin’s RSI readings were similar to where they are now when it reached the level mentioned above.
Meanwhile, trader Zoran Kole claims the newly formed setup is reminiscent of the $ 13,777 cap of 2019, so he expects a decline to $ 7,600.
While BTC is still holding above the $ 8,400 support, trader Josh Rager used the TD sequential indicator to determine that a pullback is due.
Can half fix this?
Bitcoin bulls hope that halving will save the day. However, Bitcoin analyst Aaron Brown does not believe it has a significant impact on the currency’s price action (much like the 2016 reward cut).
Meanwhile, the FOMO-driven rally that pushed BTC above $ 9,400 on April 30 formed another lower high, which is an ominous signal from those who believe in a bullfight after half.
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